How can an Insurance IFRS program realize an array of benefits?
“There is never enough time for Insurers to implement new regulations and standards once they have been finally agreed.”
Given the scale, complexity and critical nature of most IFRS Insurance programs, a robust approach to benefits realization is critical to:
- Achieving compliance
- Delivering wider business benefits
- Embedding value throughout the organization
- Ensuring programs focus on defined outcomes and do not become “monster” programs
To be successful, there needs to be equal focus through each of the three phases of the benefits realization journey:
- Definition of the program goals and business outcomes sought
- Management of the benefits delivery process, and
- Embedding the benefits in the business.